Santa Cruz County Bank In The News
APTOS - Santa Cruz County Bank shareholders celebrated a record profit last year and a 15 percent jump in shareholder value in the first quarter of this year at the company’s annual shareholder meeting Thursday.
As of just two months ago, shareholder value climbed 23.9 percent in the previous 12 months.
“This year was fantastic,” said David Heald, president and CEO of the company. “Everything we’ve been working hard on has been coming together and paying off. The years of planning and executing the plan is showing up in our numbers.”
Bank executives pointed at an overall improving economy that is reflected in increasing number of business loans, including construction, real estate and Small Business Administration backed loans. Heald was particularly happy to report that the loan/deposit ratio had climbed to more than 80 percent.Read the full story at www.santacruzsentinel.com
SANTA CRUZ -- Santa Cruz County Bank posted a profit of $1.25 million for the quarter ending March 31, down 2 percent from the prior quarter but up 44 percent from a year ago.
Gross loans totaled $239 million, up $13.6 million from the prior quarter, a 4 percent increase, and up 18 percent from a year ago.
The 11-year-old locally owned bank made $36.5 million in loan commitments, with $9.2 million in payoffs and refinancings and sold $4.4 million in loans to the secondary market. Of the total committed, $11.4 million has yet to be drawn by the borrowers.Read the full story at www.santacruzsentinel.com